Form ET-706: September 2004, New York State Estate ... - FormSend-2025

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The document is the New York State Estate Tax Return (Form ET-706) for estates of individuals who died between February 1, 2000, and January 1, 2005. It outlines the necessary information required to file an estate tax return, including details about the decedent, executor, and property involved. The form includes sections for tax computation, schedules for resident and nonresident estates, and instructions for filing within nine months of the decedent's death.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the decedent's last name, first name, middle initial, and date of death in the designated fields.
Fill in the address of the decedent at the time of death, including city, state, and ZIP code. Ensure accuracy for proper processing.
Indicate if a copy of the death certificate is attached by checking the appropriate box.
Complete sections regarding executor details. Enter names, addresses, and contact information as required.
Proceed to tax computation sections. Carefully input values from federal estate tax returns as instructed on the form.
Review all entries for accuracy before submitting. Utilize our platform’s features to save your progress and make edits easily.

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What is the 706 form for estate tax?

The executor of a decedents estate uses Form 706 to figure the estate tax imposed by Chapter 11 of the Internal Revenue Code. Form 706 is also used to compute the generation-skipping transfer (GST) tax imposed by Chapter 13 on direct skips.

How do I avoid NYS estate tax cliff?

Avoiding the Cliff: The Charitable Savings Clause Sometimes called the Santa Clause, the charitable savings clause ensures that, if necessary, a bequest to charity will be made to bring the taxable estate down to the exclusion thresholdthereby eliminating New York estate tax liability.

What is ET-706?

An estate tax return (Form 706) must be filed if the gross estate of the decedent (who is a U.S. citizen or resident), increased by the decedents adjusted taxable gifts and specific gift tax exemption, is valued at more than the filing threshold for the year of the decedents death, as shown in the table below.

How much can you inherit in NYS without paying taxes?

While New York doesnt charge an inheritance tax, it does include an estate tax in its laws. The state has set a $7.16 million estate tax exemption for 2025 (up from $6.94 million in 2024), meaning if the decedents estate exceeds that amount, the estate is required to file a New York estate tax return.

How to avoid inheritance tax in NY?

Generally, for New York estate tax purposes, if the value of assets passing to beneficiaries other than a spouse or charity is below a certain threshold ($6.94 million in 2024), the assets are fully exempt from tax and no New York estate taxes will be due.

What are the inheritance laws in New York State?

When There Is No Will If the Decedent hasthen children* but no spouse children inherit everything spouse and children* the spouse inherits the first $50,000 plus half of the balance. The children* inherit everything else. parents but no spouse and no children* the parents inherit everything3 more rows Oct 11, 2018

How much inheritance is tax free in New York State per?

New York Estate Tax Exemption The New York estate tax threshold is $7.16 million in 2025 and $6.94 million in 2024. That number will keep going up annually with inflation. This means that if a persons estate is worth less than $7.16 million and they die in 2024, the estate owes nothing to the state of New York.

What is the most you can inherit without paying taxes?

While state laws differ for inheritance taxes, an inheritance must exceed a certain threshold to be considered taxable. For federal estate taxes as of 2024, if the total estate is under $13.61 million for an individual or $27.22 million for a married couple, theres no need to worry about estate taxes.

Form ET-706: September 2004, New York State Estate ... - FormSend-2025

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